what is the depreciation for 2019,2020 and the amount of passive loss from the property On...

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what is the depreciation for 2019,2020 and the amount of passive loss from the property On 2/1/2019 Julian and Gabriella purchased a rental house at 1230 Palm Drive in Palm Springs for $500,000 (Land $150,000, Building $350,000). They actively managed the rental house. They sold the rental house on 11/22/2020 for $530,000 (Land $156,000, Building $374,000). The income and expenses of the rental house are as follows. Utilities were paid by the tenants. In 2019 the Steins had a passive activity loss from the property of $24,000 which they were not able to deduct. The $24,000 passive activity loss was carried forward to this year. Rental Revenue Expenses: Interest Expense 14,000 Property Taxes 5,200 Management Fees 2500 Insurance Expense 600 To be Depreciation determined Repairs and Maintenance 1300 12,800 what is the depreciation for 2019,2020 and the amount of passive loss from the property On 2/1/2019 Julian and Gabriella purchased a rental house at 1230 Palm Drive in Palm Springs for $500,000 (Land $150,000, Building $350,000). They actively managed the rental house. They sold the rental house on 11/22/2020 for $530,000 (Land $156,000, Building $374,000). The income and expenses of the rental house are as follows. Utilities were paid by the tenants. In 2019 the Steins had a passive activity loss from the property of $24,000 which they were not able to deduct. The $24,000 passive activity loss was carried forward to this year. Rental Revenue Expenses: Interest Expense 14,000 Property Taxes 5,200 Management Fees 2500 Insurance Expense 600 To be Depreciation determined Repairs and Maintenance 1300 12,800

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Answer To calculate the depreciation for 2019 and 2020 we need to use the straightline method of dep... View the full answer